18. Related Party Transactions
Transactions between Superior and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
For the three months ended March 31, 2013, Superior incurred $0.1 million (March 31, 2012 - $0.1 million) in legal fees respectively, with Norton Rose Canada LLP, a related party with Superior as a member of Superior's Board of Directors is a Partner at the law firm.
19. Reportable Segment Information
Superior has adopted IFRS 8 Operating Segments, which requires operating segments to be identified on the basis of internal reports about components of the Company that are regularly reviewed by the chief operating decision-maker in order to allocate resources to the segments and to assess their performance. Segment revenues reported below represents revenues generated from external customers.
----------------------------------------------------------------------------For the three Construction months ended Energy Specialty Products Total March 31, 2013 Services Chemicals Distribution Corporate Consolidated----------------------------------------------------------------------------Revenues 719.7 143.7 186.5 - 1,049.9Cost of sales (includes product and services) (566.2) (89.2) (141.4) - (796.8)----------------------------------------------------------------------------Gross Profit 153.5 54.5 45.1 - 253.1Expenses Selling, distribution and administrative costs 99.3 31.9 41.7 6.2 179.1 Finance expense 0.8 0.1 0.1 17.5 18.5 Unrealized (gains) losses on derivative financial instruments (17.9) (0.1) - 26.3 8.3---------------------------------------------------------------------------- 82.2 31.9 41.8 50.0 205.9----------------------------------------------------------------------------Net earnings (loss) before income taxes 71.3 22.6 3.3 (50.0) 47.2Income tax expense - - - (15.8) (15.8)----------------------------------------------------------------------------Net Earnings (Loss) 71.3 22.6 3.3 (65.8) 31.4------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------For the three Construction months ended Energy Specialty Products Total March 31, 2012 Services Chemicals Distribution Corporate Consolidated----------------------------------------------------------------------------Revenues 747.6 134.1 184.2 - 1,065.9Cost of sales (includes product and services) (604.9) (82.7) (140.2) - (827.8)----------------------------------------------------------------------------Gross Profit 142.7 51.4 44.0 - 238.1Expenses Selling, distribution and administrative costs 99.3 34.8 42.2 4.0 180.3 Finance expense 1.0 0.1 0.3 20.0 21.4 Unrealized (gains) losses on derivative financial instruments 7.6 - - (5.2) 2.4---------------------------------------------------------------------------- 107.9 34.9 42.5 18.8 204.1----------------------------------------------------------------------------Net earnings (loss) before income taxes 34.8 16.5 1.5 (18.8) 34.0Income tax expense - - - (6.1) (6.1)----------------------------------------------------------------------------Net Earnings (Loss) 34.8 16.5 1.5 (24.9) 27.9--------------------------------------------------------------------------------------------------------------------------------------------------------
